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Annual general meeting of credit union.
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19.—(1) A meeting (in this Act referred to as the annual general meeting) of the members of a credit union shall be held in the State in the month of January or February in each year at the time and place provided for under the rules.
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(2) The secretary of a credit union shall, not later than seven days before the annual general meeting, cause written notice of the date, time and place thereof to be handed to each member and to the auditor or posted or sent to each of them at his address as recorded in the books of the credit union.
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(3) The quorum for the annual general meeting shall be ten per cent. of the members of the credit union or fifteen members, whichever is the lesser number, provided that—
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(a) in no case shall the quorum for an annual general meeting be less than five members, and
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(b) the quorum for an adjourned annual general meeting may be less than that required by the preceding provisions of this subsection if the rules so provide.
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(4) An annual general meeting may, for good and sufficient reasons and with the consent of the majority of those present, be adjourned, provided that—
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(a) no business shall be transacted at an adjourned annual general meeting other than the business left unfinished at the meeting from which the adjournment took place; and
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(b) when an annual general meeting is adjourned for thirty or more days, but not otherwise, subsection (2) of this section shall apply to such adjourned annual general meeting.
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(5) Notwithstanding subsections (2) and (4) of this section, less than seven days' notice of the date, time and place of the annual general meeting or the adjourned annual general meeting may be given if not less than ninety per cent. of the members of a credit union entitled to be present and to vote at such meeting and the auditor of the credit union so agree in writing before or during such meeting.
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